The e-mails urged victims to hand over sensitive financial information. The scammers then withdrew money from their accounts, the finance authority said at the time.

Eventually, fraud management officials from Poste Italiane and the finance authority traced the transaction papers used to empty the accounts, which initially occurred in the Milan area and then spread throughout the country.

Pascu reportedly told authorities the gang bought €10 (US$14.70) phone cards to connect to the Internet, which allowed them a greater degree of anonymity to send the phishing e-mails.

Police said at least 200 people were victimized by the scam, although they think the number of victims is much higher, il Giornale reported.